SINGAPORE - Wheelock Properties reported a 14 per cent drop in the first quarter net profit to $12.3 million.
Revenue for the three months to March 31 grew by 292.5 per cent to $99.2 million.
Wheelock Properties attributes the rise in revenue to the revenue recognised from the new launch condominium, The Panorama, based on the progress of construction works.
This was partially offset by the lower rental income received from Scotts Square retail.
The group also saw a 10.8 percent increase in its dividend income from its investments.
Net asset value per share increased from $2.62 in the last quarter to $2.66 in this quarter, while earnings per share shrank from 1.19 cents to 1.02 cents.
The increase in other operating expenses was largely due to the exchange loss arising from translation of bank loan denominated in foreign currency.
The group also updated the progress of its various properties.
As of March 31, 354 of the 380 units or 93 per cent launched at The Panorama were sold at an average price of $1,260 per square foot.
Meanwhile, for Scotts Square, 79 per cent or 268 units of the 338 units at Scotts Square were sold, representing 85 per cent of the net saleable area at an average price of $4,004 per square foot.
With the falling demand for sales in the luxury sector, Wheelock Properties stated that its current focus is on leasing.
As such, for the same period, 33 units were leased out with average rental above $5,200 per month.
For their investment properties, overall occupancy rate for Wheelock Place was 99.6 per cent.
For Scotts Square, the overall occupancy rate was about 79 per cent. The re-tenanting exercise will be carried out in phases and discussions are on-going with major international fashion brands, the group said.
The first phase is targeted to complete with new shops opening on Level 1 and 2 by the fourth quarter of 2015. Two new interesting food & beverage restaurants in the basement will be openedby June this year, they added.
Wheelock Properties shares, which traded ex-dividends, closed 6.5 cents down at $1.85 today.